Shares of Power Mech Projects (PMPL) rose 8% in intraday trade on Monday to hit a record high of Rs 2,673.70 on the BSE after the company announced it had won an order worth Rs 720 crore. Shares of the civil construction company have surpassed the previous high of Rs 2,548.70 touched on April 10, 2023.
The company said it had received orders totalling Rs 362 crore to build a government medical college and hospital for Uttarakhand Pey Jal Nigam Limited.
The company has also secured orders worth Rs 162 crore for distribution works under ROSS (Revamped Distribution Sector Scheme) for MPPKWCL, Khargone Circle, Indore, Madhya Pradesh and 25 KV OHE Works in Mysuru Division, Karnataka railway electrification.
The company said in an exchange filing that it had secured an additional order of Rs 106 crore for balancing installation works and refurbishment of 2×525 MW Monnet Ispat, JSPL, Angul, Odisha. The company has also received an order of Rs 90 crore to operate and maintain a complete seawater intake system for 702 MW CCPP, GSPC Pipavav Power Company Limited in Pipavav, Gujarat.
Meanwhile, PMPL’s share price has climbed 70% from the Rs 1,571 level touched on the BSE on February 3. It has gained nearly 200% over the past year, compared with a 6% gain for the S&P BSE Sensex.
PMPL principally provides engineering and construction services, focusing on the power and infrastructure sectors. The company has diversified operations in various sectors, including railways, transmission and distribution (electricity), flue gas desulfurization (FGD), mining, steel and process industries refineries, hydropower projects, manufacturing, transnational pipeline laying civil engineering and operations and power generation plant maintenance etc.
PMPL secured 5 orders from Adani Group in August 2022 with a total value of Rs 6,163 crore to implement wet limestone-based FGD systems on an Engineering Procurement and Construction (EPC) basis. The project is expected to be completed within 18-30 months from the effective date, and the performance guarantee period will be extended by 3 months after the project is put into production.
The company’s gross order position on December 31, 2022, was Rs 24,201 crore compared to Rs 18,149 crore on March 31, 2022.